The Takeovers Panel today released a Consultation Paper seeking public comment in relation to a draft rewrite of Guidance Note 12 on Frustrating Action.

The draft rewrite seeks to provide clearer guidance about the Panel's approach to frustrating action, including the circumstances in which a frustrating action is unlikely to be unacceptable.

The Panel seeks comments from interested persons on the draft Guidance Note by 24 October 2016.  Comments should be emailed to takeovers@takeovers.gov.au.

The Panel has consented to a request by Dominet Digital Corporation Pty Ltd to withdraw its application to the Panel dated 24 August 2016, in relation to the affairs of Freshtel Holdings Limited. The application concerned an entitlement offer (see TP16/62).

Dominet submitted (among other things) that:

The Takeovers Panel today released a Consultation Paper seeking public comment in relation to a draft revised Guidance Note 4 on Remedies General.

The draft revises Guidance Note 4 to clarify that, while a party may offer an undertaking to resolve a matter at any point in the Panel’s process, the timing of the offer is a relevant factor when the Panel is exercising its discretion whether to accept an undertaking in lieu of a declaration or orders.

The President of the Panel has made an interim order¹ in response to an application for an interim order dated 24 August 2016 by Dominet Digital Corporation Pty Ltd in relation to the affairs of Freshtel Holdings Limited (TP16/62).

The Panel has received an application from Dominet Digital Corporation Pty Ltd in relation to the affairs of Freshtel Holdings Limited.  The application concerns an entitlement offer.

Details of the application, as submitted by the applicant, are below.

A sitting Panel has not been appointed at this stage and no decision has been made whether to conduct proceedings.  The Panel makes no comment on the merits of the application.

The Panel today published the reasons for its decision on a review application dated 11 July 2016 from Brennan Westworth in relation to the affairs of Sovereign Gold Company Limited.

Details of the Panel's decision can be found at TP16/58.

The Panel's reasons for its decisions are on the Panel's website.

The sitting Panel was Elizabeth Hallett, Rodd Levy (sitting President) and Sarah Rennie.

The Panel today published the reasons for its decision on an application dated 9 June 2016 from Mr Brennan Westworth in relation to the affairs of Sovereign Gold Company Limited.

Details of the Panel's decision can be found at TP16/51 and TP16/56.

The Panel's reasons for its decisions are on the Panel's website.

The sitting Panel was Karen Evans-Cullen (sitting President), Karen Phin and Sharon Warburton.